On June 19, 2024, Pan Gongsheng, Governor of the People’s Bank of China, delivered a speech at the 2024 Lujiazui Forum in Shanghai, China.
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BEIJING – The governor of the People’s Bank of China said at a closely watched meeting on Tuesday that the central bank planned to maintain supportive monetary policy. According to official media reports.
State media reported in Chinese that People’s Bank of China Governor Pan Gongsheng added that the central bank intended to “increase counter-cyclical monetary policy.” language.
He delivered a financial work report at this week’s National People’s Congress Standing Committee meeting. The meeting ends on Friday and is widely expected to approve further fiscal stimulus.
Finance Minister Lanfuan An addressed a committee on Monday on plans to raise local government debt limits to replace hidden debt, state media reported. Lan also submitted a report on managing state assets on Tuesday, according to state media.
In late September, the People’s Bank of China began cutting a number of interest rates in an effort to boost slowing economic growth. Prior to this, the Federal Reserve slashed interest rates by 50 basis points in mid-September, entering a easing cycle. The Fed is expected to cut interest rates again after its two-day meeting ends on Thursday local time.
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